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Joint Liability
Liability shared among two or more people, each of whom is liable for the full debt.
Junior mortgage -- A home loan than is subordinate to the primary loan, or first mortgage.
Joint Tenancy
A form of joint ownership of property giving each person equal interest in the property.
When one joint tenant dies the other has title to the entire property.
Jumbo Loan
A mortgage exceeding the $300,700 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. A jumbo mortgage will generally carry a higher interest rate than a conventional mortgage.
Junior Mortgage
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.
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